The cryptocurrency market has continued its pattern this week, with Bitcoin rallying whereas a lot of the altcoins are underperforming
The cryptocurrency market has been experiencing a blended efficiency for the reason that begin of the week. Bitcoin has been performing excellently and has lately damaged previous the $57,000 resistance stage, thus paving the way in which for it to rally increased and goal the $60,000 stage.
Nevertheless, the vast majority of the main altcoins are presently buying and selling within the purple zone regardless of Bitcoin’s wonderful run. Ether, Cardano, Binance Coin, XRP, Solana, Polkadot and others are all recording losses for the time being.
Litecoin isn’t neglected as Bitcoin’s sister coin is down by greater than 3% over the previous 24 hours. It might report additional losses if the present market situations do not enhance over the approaching hours and days.
Litecoin value outlook
Litecoin misplaced its place as one of many prime ten cryptocurrencies by market cap earlier this yr. It’s now ranked sixteenth when it comes to market cap. The LTC/USD 4-hour chart is beginning to flip bearish following a interval of losses for the cryptocurrency.
Litecoin’s MACD line is heading into bearish territory after the losses incurred over the previous few hours. Its RSI of 43 reveals that Litecoin is presently turning into oversold because the promoting stress out there continues to extend.
LTC/USD 4-hour chart. Supply: TradingView
If the present market situations persist, LTC might check the primary main help stage at $169 over the following few hours. An prolonged sell-off interval from the broader market might see LTC head in the direction of the second main help stage at $165. Except the bearish sentiment goes on longer, Litecoin ought to avoid the sub-$160 stage.
Then again, if the altcoins resume their rally, Litecoin might make a transfer for the primary resistance level at $177. Additional help from the broader cryptocurrency market might see Litecoin check the second main resistance stage at $186 over the following few hours.
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